Credit Cards

[VeggieTales]

Hi all!

So I app'd for the Chase Freedom Visa and the Citi Dividend on the same day and got approved for Dividend but denied for Chase. I got the denial notice today in the mail from Chase and they cited their reason as "current obligations too high relative to income". What exactly does that mean? I'm currently a grad student with a $30,000 income if that helps. My cards and their limits are in my siggy. My reason for wanting both cards is to ultimately replace the Cap1 cards I've been using to build my credit. I'm not a big fan of Chase, but I thought I would try to apply anyway. So that's why I'm not too motivated for trying a recon. Do you think I should? 

Oh my Experian FICO that I received with my Citi Dividend approval notice is 718 

Thanks in advance 

[djrez4]

Do you have balances on those cards?  Student loans outstanding?

[maiden_girl]

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VeggieTales wrote:

Hi all!

So I app'd for the Chase Freedom Visa and the Citi Dividend on the same day and got approved for Dividend but denied for Chase. I got the denial notice today in the mail from Chase and they cited their reason as "current obligations too high relative to income". What exactly does that mean? I'm currently a grad student with a $30,000 income if that helps. My cards and their limits are in my siggy. My reason for wanting both cards is to ultimately replace the Cap1 cards I've been using to build my credit. I'm not a big fan of Chase, but I thought I would try to apply anyway. So that's why I'm not too motivated for trying a recon. Do you think I should? 

Oh my Experian FICO that I received with my Citi Dividend approval notice is 718 

Thanks in advance 

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It basically means that you owe more than your stated income on your credit cards. This is possibly due to your student loans whether or not they are due now or deferred. It wouldn't hurt to try a recon since you already took a HP.

[VeggieTales]

I only had a balance on the Forward card $197 when I applied, the others were $0. My loans are in deferment since I'm currently in grad school and are increasing size as the semesters go by :/. I didn't think that my loans would have contributed to their decision since I'm not in the repayment period as of yet. 

[Dustink]

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VeggieTales wrote:

Hi all!

So I app'd for the Chase Freedom Visa and the Citi Dividend on the same day and got approved for Dividend but denied for Chase. I got the denial notice today in the mail from Chase and they cited their reason as "current obligations too high relative to income". What exactly does that mean? I'm currently a grad student with a $30,000 income if that helps. My cards and their limits are in my siggy. My reason for wanting both cards is to ultimately replace the Cap1 cards I've been using to build my credit. I'm not a big fan of Chase, but I thought I would try to apply anyway. So that's why I'm not too motivated for trying a recon. Do you think I should? 

Oh my Experian FICO that I received with my Citi Dividend approval notice is 718 

Thanks in advance 

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I was just the opposite. Approval for $5k from chase, decline from Citi.

Never hurts to try a recon.

[migliogiorni]

got nothing to lose recon and GL.

[VeggieTales]

Thanks for all the advice. I'll try for a recon tomorrow. 

[VeggieTales]

Just to update anyone who was wondering. I finally did the recon and clarified that I was currently in grad school so essentially had additional income through student loan refunds and I was approved for $3000! Thank you all for encouraging me to go through with it! 

[alboto]

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VeggieTales wrote:

Just to update anyone who was wondering. I finally did the recon and clarified that I was currently in grad school so essentially had additional income through student loan refunds and I was approved for $3000! Thank you all for encouraging me to go through with it! 

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Its always good to recon whenever you took the HP already. Congratulations on your new cards!!!

[shakalaka]

Nice Congrats